Open accessibility guide Skip to sections navigation Skip to content Skip to footer Expand navigation menu Log in Business The economy Russia-Ukraine war Opinion Putin is running out of time and money Ambrose Evans-Pritchard July 20, 2026 — 6:20pm A A A 2 View all comments Add us as a preferred source on Google Listen to this article 8 min The four-year stalemate in Ukraine has suddenly broken. For the first time in modern memory, Russia is having to import fuel to keep its economy and society afloat. The speed of events is extraordinarily rapid and portends a tectonic shift in the global balance of power, dramatically improving the strategic fortunes of Europe. Russia’s energy crisis is bringing to a head a long-simmering economic crisis. AP Ukraine’s drone force of “Magyar’s Birds” has struck 30 oil and gas tankers in the Black Sea region since Wednesday. It claims to have hit 147 vessels linked to Russia in 10 days, effectively closing the Sea of Azov and tightening the blocka...